Reliance Capital's Committee of Creditors (CoC) will vote on a proposal to allow a second round of electronic auctions, sources told CNBC-TV18 on Monday, as Torrent and Hinduja Global have sought to review their bids.
Lenders can set base bids for round 2 at Rs 9,500 crore with Rs 8,000 crore cash upfront, the sources said, adding that the four suitors - Torrent, Hinduja, Piramal-Cosmea and Oaktree - can bid in the new round. This is even as Torrent has requested a suspension of the lenders' vote to consider the second round of electronic auctions.
The result of the CoC vote is likely to be declared on Wednesday.
However, Torrent objected to the RCap Administrator considering the Hinduja Group's revised offer, stating that considering the revised offer would be a violation of process. He pleaded with the National Company Law Tribunal (NCLT) to order RCap's trustee not to accept the revised offer.
Torrent got interim relief from NCLT, which asked the CoC to ignore Hinduja's revised offer until the final order. The matter must be heard on January 12, since the court denied any urgent hearing.
NCLT has set a deadline of March 31, 2023 to complete RCL's resolution, which is already over a year behind schedule.
In February last year, the RBI appointed a trustee to invite expression of interest in the sale of RCL.
